Legg Mason Inc. to take $734 million charge

Legg Mason Inc. will take a $734 million impairment charge largely related to a drop in value of certain fund contracts, the Baltimore-based money manager disclosed Tuesday in a filing with the Securities and Exchange Commission.

Last month, Legg announced the acquisition of Fauchier Partners, a European money manager that would be merged into its affiliate Permal. At that time, it said it would take a charge of $650 million to $750 million.